Thadeus Geodfrey and finance are inseparable. He is a versatile expert with a strong cryptocurrency and market analysis background. Thadeus provides a unique blend of technical and strategic insights as a seasoned financial writer. His overarching probe and attention to detail inspire the InvestingGuide community. He guides you through the continuously evolving market landscape to build solid investments or make successful trades.
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eToro isn’t your average trading platform- this is an exceptional broker that’s cultivated a stellar image for nearly 2 decades. The company has earned enormous trust and respect over the years, which explains its massive user base of over 35 million. That brings us to a critical question: is becoming a member of the vast eToro family a good idea? In one word, YES.
I don’t recommend joining eToro simply because the platform has a colossal following. My recommendation stems from my own experience and findings. I spent weeks researching and testing eToro while leveraging my robust financial knowledge and experience. I was absolutely impressed by everything from the broker’s asset collection to its security and reputation.
In This Guide
Our Opinion about eToro
After thorough research and extensive tests, I strongly vouch for eToro. I hold this broker in high regard because, first, I discovered it’s regulated by the Financial Conduct Authority (UK) and multiple other universally respected authorities, such as ASIC (Australia) and CySEC (Cyprus).
I also love eToro’s amazing asset and platform variety. While interacting with this platform, I had the opportunity to trade and invest in thousands of financial assets. For instance, I was able to not only trade stock CFDs but also buy and hold real company shares, which makes eToro one of the most exceptional stock trading providers in the UK and worldwide.
That’s just the tip of the iceberg. I discovered many other aspects that make the eToro platform outstanding, which I’ve highlighted below. But before we dive in, let’s start with a summary of the most crucial aspects, from regulation to beginner-friendliness.
eToro
✔5000+ financial instruments
✔Cost-free deposits
Note: {etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Copy Trading does not amount to investment advice. Your investments value may go up or down. Your capital is at risk. Other fees apply.
Licence
FCA, CySEC, MFSA, FSRA, ASIC, FSAS, SEC, FINRA, AMF, OAM, Bank of Spain, FinCEN, GFSC
Assets
6000+ Stock, 56 Forex, 44 Commodities, 700+ ETFs
Minimum Deposit
£50
Software
eToro investing platform, Multi-asset platform, WebTrader, Mobile App, ProCharts, CopyTrader™, Smart Portfolios, eToro Money Wallet
Customer support
24/5
Demo Account
Yes
Payment & Withdraw Options
eToro Money, Credit/Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, Trustly, iDEAL
Is eToro Safe & Regulated?
Our methodology
Since eToro is authorised and regulated by at least 10 respected authorities, rest assured it meets and adheres to a plethora of strict regulatory standards. It’s also inspected, monitored, and audited regularly, so you don’t have to worry about nasty surprises like manipulated prices.
I assure you that the company will never use your money for unauthorised purposes, including covering the cost of daily operations. All your capital will remain safe in segregated accounts, separated from eToro’s funds and assets. And if you’re worried about losing your money to security breaches and similar issues, I want to reassure you that you’re in safe hands.
While researching this company’s reputation, I encountered no noteworthy case of a successful breach or hacking attempt. That is one of the indicators of the platform’s top-tier security and safety measures. And if anything substantial happens, including bankruptcy, you will receive up to £85,000 compensation from the UK’s Financial Services Compensation Scheme (FSCS).
Fees & Charges
I also checked eToro’s fees and charges, from account opening and management fees to inactivity, deposit, and withdrawal fees. In my opinion, eToro is one of the most affordable platforms, especially for beginners and casual investors. I’ve summarised my findings in the following table.
| Broker Feature | Details |
|---|---|
| Minimum Deposit Requirement | £50 |
| Commision & Spreads | From £1/ 1 pip |
| Deposits & Withdrawals | Free |
| Inactivity Fee | £10 per month |
Assets You Can Trade
I have to admit, in all my years of trading, I have encountered very few platforms that have asset collections that can match eToro’s. This terrific broker has everything an avid trader can ask for, from CFDs on forex pairs, commodities, and shares to real stocks and cryptocurrencies. Here’s an overview:
Currencies
50+, including GBP/USD, EUR/USD, AUD/USD
Stocks
6200+, including ABF, AMZN, and MSFT
ETFs
700+, including VOO, SPY, and BND
Commodities
40+, including GOLD, SILVER, and OIL
Indices
20+, including USDOLLAR, SPX500, and UK100
Crypto
140+, including BTC, ETH, and BNB
Account Types
I discovered 4 types of accounts offered by eToro: retail, professional, corporate, and Islamic. Most standard traders use the retail account. But the others are open to eligible individuals and corporations, including professional accounts for veritable pros and swap-free Islamic accounts for Muslims.
| Account Type | Minimum Deposit | Pricing and Fees |
|---|---|---|
| Retail | £50 | From £/ 1 pip |
| Professional | €500,000 | From £1/ 1 pips |
| Corporate | £10,000 | From £/ 1 pip |
| Islamic | £1,000 | From £1/ 1 pips |
Customer Support
I tested eToro’s support service, which is available 24/5, through the supported channels, i.e., live chat, chatbot, WhatsApp, and ticket. My questions were answered promptly and aptly through all available channels, which is nothing short of commendable.
Education & Demo Account
While assessing this broker’s suitability for beginners, I researched, tested, and evaluated eToro’s learning and educational resources. You’ll be glad to know that the platform has everything a newbie needs, from a free online academy with hundreds of courses to a demo account loaded with virtual money worth £100,000. I’ve highlighted my findings below.
| Available Features | Notes |
|---|---|
| Demo Account | Comes with £100,000 in virtual funds, no time restrictions |
| eToro Academy | Great for beginners, has 100s of courses, tutorials, etc. |
| Copy Trading Learning | Excellent for traders who want to learn from experts |
| Podcasts and Webinars | Delivered by eToro experts periodically |
| Financial News | Latest news and commentary from seasoned analysts |
| Social Trading Insights | Offers learners real-time exposure to community insights and strategies |
Setting Up an Account
To truly experience what eToro offers, I had to open my own account, and the process was terrific. It was smooth and seamless, with no perceptible challenges. The only thing we had to do was provide personal information and verification documents. That wasn’t a problem because we know all FCA-regulated brokers have KYC requirements to meet.
You, too, can open an account in no time by following this process:
Step 1: Visit the eToro official page
Step 2: Create a new account
Step 3: Complete verification
Step 4: Fund your account
Step 5: Start trading and investing
Go to the eToro page and click the “Join eToro” button. You can sign up with Google, which is way easier and faster, or fill out the required details, i.e., email, username, and password. Then proceed with the rest of the registration process. If you are a fan of mobile trading, skip this step and download the app from the official site. Then, open it and start the account creation process.
While setting up your new account, there are several things you have to do. First and foremost, provide accurate details. eToro will authenticate everything, so don’t try anything fishy and double-check all information before hitting the sign-up button. Furthermore, set up a strong password guaranteed to protect your account against malicious entities. Ensure it’s random, contains no common information like your name, and is at least 12 characters long.
This broker will ask you to upload a POI (proof of identity) document, like a government-issued ID or a POA (proof of address) document, like a credit card statement. Ensure the documents you share are valid and clear. After submitting them, wait for the eToro team to check everything and issue a response. In case of any issue, the broker will email you and explain what you need to do.
eToro’s minimum deposit requirement is £50 in the UK. While making your first deposit, ensure it meets the stipulated threshold. If you want to dive in immediately, use a solution that supports instant deposits to fund your account, like credit or debit cards. But if you’re in no hurry, you can opt for an alternative like a bank or wire transfer.
You can start trading and investing as soon as the money you deposit hits your account. If you’re a trader, eToro has a vast pool of securities that I urge you to check out, including 56+ currency pairs. And if you’re focusing on investing exclusively, sampling this broker’s 6,260+ stocks and 141+ digital currencies should be a top priority. That said, I strongly recommend balancing risk and putting yourself in the best position to build wealth by simultaneously trading securities and investing in assets like shares.
Time to spend on opening an account 
Within hour
Mobile app Yes 
Desktop Yes 
User–friendly 
5/5 
Business account Yes 
2-step verification Yes Downsides to eToro
eToro has the following noteworthy downsides:
- Higher spreads: eToro’s spreads start at 1 pip for major currency pairs, whereas many of its peers offer charges as low as 0.0 pips. On the flip side, the platform has some of the friendliest commissions I’ve come across.
- Limited trading tools: eToro’s trading tools are pretty limited, especially where platforms are concerned. Unlike some brokers that host third-party solutions like MT4 and TradingView, eToro offers proprietary systems exclusively.
- Inactivity fee: If your eToro account remains unused for over a year for any reason, you will be required to pay a £10 monthly inactivity fee if your account has a positive balance. The only way to avoid this charge is by either ensuring your accounts don’t sit idle for 12 or more months or withdrawing every single coin beforehand.
- No phone support: I was impressed by eToro’s customer service, but was quite disappointed when I learned this broker doesn’t offer phone support. If you encounter an urgent issue while trading or investing with this broker, you can only seek assistance via live chat or WhatsApp. As I discovered, email can take a couple of hours, so it’s not ideal where rapid assistance is required.
Who is eToro Right For?
I used eToro for a couple of weeks, both on demo and live. While doing so, I tested and assessed everything this broker offers, from assets to tools and platforms. Based on my experience, I’ve summarised the suitability of eToro to different categories of traders below.
Beginners and Novices – Perfect Match
Intuitive platform with a wealth of learning materials, supports demo trading
Social Traders – Perfect Match
Offers a bustling social trading network with over 30 million traders and investors
Copy Traders – Perfect Match
Users can copy the most experienced and profitable traders and investors through CopyTrader
High-Frequency Traders – Not Recommended
Lacks razor-sharp spreads and ultra-high execution speeds crucial to high-frequency trading
Long-Term Investors – Perfect Match
Over 6,000 stocks, 100+ digital assets, zero holding fees for investors
Diversified Asset Traders – Perfect Match
Users have access to thousands of diverse asset classes, from CFDs to real stocks
Mobile-First Traders – Perfect Match
Offers a full-featured experience through an inquisitive, powerful app for Android and IOS
MetaTrader Enthusiasts – Not Recommended
Doesn’t support MetaTrader 4 or MetaTrader 5
Budget-Conscious Investors – Acceptable Choice
Low deposit requirement in the UK, no account management fees, supports fractional investing
Would you recommend this provider?
Fees
Account opening
Customer service
Deposits & Withdrawals
Would you recommend this provider?
Fees
Account opening
Customer service
Deposits & Withdrawals
Thank you!
I've used eToro for a while, and the social trading features are a real game-changer for me.
Would you recommend this provider?
Fees
Account opening
Customer service
Deposits & Withdrawals
Would you recommend this provider?
Fees
Account opening
Customer service
Deposits & Withdrawals